A well-known whale has once again faced liquidation due to excessive leverage. According to on-chain data, this trader was forcibly liquidated during the rapid drop of ETH in the early hours, with their account margin dropping from a high point to only $470,000. Even more shocking is that since the clear decline starting on October 11th, their principal has shrunk by $21 million.

This is not an isolated case. In the crypto market, the battle among whales often involves hidden currents—behind retail traders and medium-sized traders following big players, there are always larger funds quietly positioning themselves. When the market moves in the opposite direction, these clearly layered positions resemble a row of dominoes, exploding one after another in liquidations.

Interestingly, whenever a whale gets liquidated, the market sparks a wave of discussion. But the real warning is: regardless of account size, the rules of leverage apply equally to everyone. The unpredictability of ETH's price movements and the precise liquidation mechanisms of exchanges mean that even the most savvy traders can taste failure overnight.